THE PUERTO RICO SCHOOL OF MORTGAGE BANKING
Subsidiary of The Mortgage Bankers Association of Puerto Rico
On March 11, 1986, the president of The Mortgage Bankers Association of Puerto Rico (MBA), at that time David Levis, recommended the creation of an Institute of Mortgage Banking to the Board of Governors of the MBA. This institution would serve as a training center for mortgage companies as well as to persons not employed in the mortgage industry. The Board designated a Committee to study the possibilities of success of said project.
The committee prepared a budget, school curriculum and obtained all the necessary information from the applicable government entities. On April 22, 1986 the Board of Governors approved the project. In June 1986 the MBA offered its first course, Origination. The first instructor was Mr. Abraham Vélez, an officer of a local mortgage banking company, who continues to be a valuable resource from his retirement.
On September 30, 1986, The Mortgage Bankers School of Puerto Rico, Inc. (MBS) was incorporated in the Department of State of Puerto Rico. The first Board of Directors consisted of the following persons:
| Ana L. Rodríguez |
Chairperson of the Board |
| Ramón Prats |
President of the MBS |
| Edwin González |
Vice President |
| Reinaldo Agostini |
Treasurer |
| Felipe Franco |
Secretary |
| Jesús M. Rodríguez |
Special Counsel |
| Wilfredo Morales |
Special Counsel |
| Miguel A. Cuadros |
Legal Counsel |
At the end of 1986, the following courses were being offered at night in rented classrooms: Introduction to Taxes and Insurance, Origination and Processing I, Collections I, Closing of mortgage loans, Advanced Origination and Processing, Sales in the Secondary Market, and Direct Endorsements.
The Mortgage Banking School is presently well known in the Puerto Rico community and licensed by the Department of Education of Puerto Rico. The number of courses has increased as well as the quality of teaching has improved. Courses are still offered in rented classrooms, but facilities are under construction that will house the MBA's offices as well as the School. Construction completion is estimated for February of year 2001.
Classes are conducted in Spanish, language spoken in Puerto Rico. Some companies pay the tuition of students. Each course is covered in a period of 48 hours, offered in quarters. Classes are structured in such a way that the training needs of companies are satisfied, besides the fact that they are carried on after working hours. About 10% of the students are not employees of mortgage banking companies.
Following are the Certificates granted upon completion of group of courses:
- CLA - Certified Loan Analyst
- CLC - Certified Loan Closer
- CST - Certified Servicing Technician
- CLU - Certified Loan Underwriter
- GMB - Graduated Mortgage Banker
Coming projects are: launching a correspondence course for students geographically located far from San Juan, capital of Puerto Rico; obtaining credit of Continuing Education for Realtors and Appraisers; and credit as a regular course within the curriculum in a local University.
MBA BUILDING CONSTRUCTION HISTORY
During year 1993, the Board of Directors of the Mortgage Bankers School (MBS) discussed the idea of either renting or purchasing an existing building to be used as the School of Mortgage Banking. At a Mortgage Bankers Association (MBA) Board meeting on August 12, 1993 - Gov. Felipe Franco notified about the approval by the Mortgage Bankers School of a Fund of $100,000 pro construction of a school, and the assignment of a tuition fee of $25 per student, for the construction.
At a Mortgage Bankers Association Board meeting on September 9, 1993 - Mr. Felipe Franco, reporting on behalf and as member of a committee composed of Mrs. Zoila Levis, and messrs. Ramón Prats, José A. (Tony) Torres, Iván Canino, Wilfredo Morales, reported the commencement of a search for a site for the offices of the MBA and the School. President Salomon Levis proposed the creation of a Building Fund out of the assets of MBA. Gov. Víctor J. Galán suggested the sale of bonds to finance the proyect.
Various alternatives were considered, but all were turned down as unsatisfactory. On January 13, 1994 - Gov. José A. Torres notified about the alternative to buy a school building, for $1,200,000. It seemed that the search was finished but later on the purchase option was cancelled.
On January 18, 1996 - Gov. Felipe Franco reported that he had been coordinating the acquisition of a former restaurant, La Toja. Gov. Ramón Prats supported the idea, and president José A. (Tony) Torres indicated that he was determined to find the location within his presidency.
Under the presidency of Mr. José A. (Tony) Torres, in a Board Meeting on April 11, 1996, authorization was granted to the Executive Director to obtain a land lot, with a structure to be demolished, (La Toja), at a price of $325,000, from Banco Popular de Puerto Rico, and to finance its acquisition.
July 26, 1996 - President Felipe Franco designated Gov. Ricardo Domenech as president of the Construction Committee. October 3, 1996 - Ricardo Domenech presented his recommendations to acquire and finance the acquisition of La Toja. On October 23, 1996, the property was acquired.
From there on, Gov. Ricardo Domenech, representing the Association, hired architect Raúl Zurinaga to design the structure to house the office of the MBA and the School. On April 17, 1997 the construction design was approved. Bids were obtained but the Board opted to look for lower construction contracts.
La Toja structure was demolished in August 1998. On January 21, 1999, President Ramón Prats indicated that the MBA would be in a financial position to construct its building in a period of 2 years. On March 18, 1999, two classrooms were approved to be added to the design.
On April 13, 2000, president Ramón Prats recommended granting the construction contract to the builder that originally quoted the lowest bid, although at a revised figure. Construction was initiated in June 2000 under the presidency of Ricardo Domenech, who named Felipe Franco as president of the Construction Committee. Construction supervisor was Eng. José F. Quiñones. The construction committee consisted of the following persons:
| Felipe Franco |
Ricardo Domenech |
| Acisclo Bou |
Alberto Rosado |
| Enrique Umpierre |
Víctor C. Rivera |
On June 7, 2001, the structure that houses the offices of the MBA and the Mortgage Banking School was inaugurated. The Mortgage Bankers Association of America (MBAA) was represented by Mr. John A. Courson, Vice President-elect, who presented the Presidential Award of MBAA to the MBA of PR, and Mr. Gerald A. Aust, Senior Director of the State and Local Division.
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MBS History
